VIEWPOINT: How to Avoid Sabotaging Yourself on the way to Retirement

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Creating a secure retirement often comes down to smart planning as you consider saving and investment options, and choose the ones most likely to help you meet your goals. But not everyone makes wise choices, and financial missteps can play a significant role in how much, or how little, you have stashed away once retirement arrives. Most […]

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Creating a secure retirement often comes down to smart planning as you consider saving and investment options, and choose the ones most likely to help you meet your goals.

But not everyone makes wise choices, and financial missteps can play a significant role in how much, or how little, you have stashed away once retirement arrives.

Most people know they need to save a sizable amount for retirement, but many Americans are still woefully unprepared as they begin to near retirement age. In fact, some estimates suggest that as many as 50 percent of U.S. households are at risk of not having enough money to fund their retirement needs.

There may be a number of reasons for that, but one of those reasons is that people often sabotage their own finances by making avoidable mistakes.

A few ways they do that include the following.

• Failing to start building a nest egg now. A significant retirement nest egg takes years — even decades — to grow, so the first step is to make a commitment to saving money every month. The younger you are, the better. If you work for a company that provides a 401(k) and matching program, take advantage of that free money. That compound interest can make your money grow exponentially, so the more money you put into your retirement account now, the bigger your nest egg will be in the decades to come.

• Paying higher taxes than necessary. While the country needs tax money to function, there is no need for people to pay the IRS more than they owe. One easy way to reduce your tax bill is through contributions to a tax-deferred account, such as a traditional IRA. With an IRA, for example, you can deduct your contributions each year when you file your taxes. Also, the money you put into tax-deferred accounts won’t become taxable until you are 72, or whenever you begin making withdrawals — whichever comes first. A good advisor can help with other tax savings.

• Investing in rental property without understanding the drawbacks. Plenty of people do well by becoming landlords, but there are also pitfalls, such as paying too much for property or not taking into account all the related expenses. For many people, stocks, bonds, and other investments are a better bet. I’m not saying not to invest in real estate. I’m just saying not to start with it if you’re a first-time investor with a tight budget.

• Not knowing Social Security is taxable. The Social Security Administration provides Americans with an estimate of what their benefits will be. That helps you calculate how much additional money from other sources you will need to maintain your lifestyle. But what many people fail to account for is that it’s not guaranteed every penny of Social Security checks will go into their pockets. Depending on your overall income, as much as 85 percent of your Social Security benefit can be taxed. You need to be aware of that when budgeting for retirement.

Most Americans will need to retire at some point, and they will need money set aside so they can achieve financial independence during the last years of their life. It’s crucial that you don’t sabotage yourself, because building a sizable nest egg is not a luxury. It’s a necessity.

Toby Mathis is a founding partner of Anderson Law Group (www.andersonadvisors.com) and author of several books on good business practices, including “Tax-Wise Business Ownership and 12 Steps to Running a Successful Business.” In his work as an attorney, Mathis has focused exclusively on small business, taxation, and trusts.

OCC, SUNY Poly ink transfer agreement involving 12 programs

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ONONDAGA, N.Y. — Under a new agreement, Onondaga Community College (OCC) students who earn their associate degree can now pursue a bachelor’s degree in one of 12 programs at SUNY Polytechnic Institute (SUNY Poly). The programs include business administration, civil engineering, computer and information science, health-information management, mechanical engineering, and nursing. OCC President Casey Crabill

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Upstate Medical to help build COVID-test lab at SUNY Buffalo

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SUNY Chancellor Jim Malatras on Jan. 31 announced that Upstate Medical University of Syracuse plans to build a new laboratory at the University at Buffalo (UB). The new facility seeks to increase capacity and speed up analysis of Upstate’s COVID-19 saliva test. Malatras recently increased testing frequency of all students, faculty, and staff on campus to at

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SUNY Chancellor Jim Malatras on Jan. 31 announced that Upstate Medical University of Syracuse plans to build a new laboratory at the University at Buffalo (UB).

The new facility seeks to increase capacity and speed up analysis of Upstate’s COVID-19 saliva test.

Malatras recently increased testing frequency of all students, faculty, and staff on campus to at least once a week.

SUNY is investing $120,000 in the expansion by purchasing the equipment to process Upstate Medical’s COVID-19 test at the new lab. Upstate Medical is partnering with Quadrant Biosciences, a molecular diagnostics company, which will provide additional funding, SUNY said.

The new Upstate Medical-Quadrant Biosciences lab at UB will be able to process 150,000 tests a week, increasing the total testing to 350,000 tests per week across SUNY, with results available to campuses within 24 hours. The lab will be operational by March 1.

Quadrant Biosciences will staff the UB laboratory in partnership with SUNY faculty and student medical-research teams, as the site will handle weekly saliva testing for all SUNY campuses in Western New York.

“Upstate’s advances in saliva testing have proven to be accurate and fast so it makes great sense to utilize this critical technology in order to help our fellow SUNY institutions reopen safely and allow students to focus on the spring semester with a sense of safety and peace of mind,” Dr. Mantosh Dewan, president of Upstate Medical University, said in a release.

Upstate Medical and Quadrant Biosciences co-developed the Clarifi COVID-19 test, “the world’s number one ranked” saliva test according to the U.S. Food and Drug Administration (FDA). The test is accurate for detection of all common strains of the virus, including the United Kingdom variant that has been found in New York and more than half of the states.

The test also detects asymptomatic cases, which is “crucial” for SUNY campuses to safely reopen in the spring, SUNY said. FDA approval of Upstate’s saliva test allows for the use of additional laboratories for testing analysis.

“We are excited to be a part of this critically important project to expand COVID testing resources in New York State,” Rich Uhlig, CEO of Quadrant Biosciences, said. “Having just recently shared the MedTech Project of the Year award with Upstate Medical for the development of the Clarifi COVID-19 saliva test, this represents still another example of the great success of our ongoing collaboration with SUNY.”

Malatras announced the partnership and equipment purchase on Jan. 31 during a visit to the University at Buffalo, where he met with officials who included Dr. Mantosh Dewan, president of Upstate Medical University.

All students returning to campus are required to test negative for COVID-19 “immediately prior to or upon return to campus,” SUNY said. Students, faculty, and staff will be tested weekly throughout the semester primarily using Upstate’s saliva test to identify any new cases. Students testing positive may quarantine on campus housing or at their residence for the semester, if living off-campus.

USDA awards Cornell University nearly $2M for food and agriculture research

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ITHACA, N.Y. — The U.S. Department of Agriculture has granted Cornell University nearly $2 million for food and agriculture research. The USDA’s National Institute of Food and Agriculture (NIFA) awarded the funding, U.S. Senate Majority Leader Charles Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) announced. The money falls under the USDA NIFA’s water quantity

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ITHACA, N.Y. — The U.S. Department of Agriculture has granted Cornell University nearly $2 million for food and agriculture research.

The USDA’s National Institute of Food and Agriculture (NIFA) awarded the funding, U.S. Senate Majority Leader Charles Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) announced.

The money falls under the USDA NIFA’s water quantity and quality, tactical sciences coordination network, and the food safety and defense-research initiatives. These programs will support the development of sustainable food and agriculture defense against biological threats, innovative technology for food processing, and investments in improving irrigation systems.

“Committed to serving our Land-Grant mission — here at CALS and with our partners at the College of Veterinary Medicine — these substantial food and agriculture grants will be instrumental in developing new insights and means to decontaminate water, yield healthy beef and dairy cattle, and reduce risk of food-borne illnesses, for communities in New York state and across the nation,” Benjamin Houlton, the dean of Cornell University’s College of Agriculture and Life Sciences, said in a release.

Funding breakdown

Of the nearly $2 million funding award, Cornell will use almost $500,000 to improve the quality of nontraditional water sources by bioremediation of microplastics in sewage and wastewater. The program invests in research, education, and extension projects to develop nontraditional water-irrigation systems that will improve irrigation practices for crops and livestock, nutrient management, and sustainable-water agricultural ecosystems.

The nearly $500,000 comes from the USDA’s agricultural and food research initiative (AFRI) water quantity and quality program.

The school will also use $1 million to conduct next-generation sequencing for early detection of transboundary and emerging pathogens. This research will improve the reliability of the U.S. food and agriculture system by “implementing improved defense systems” against biological threats to the national food supply, including pests and disease, per the release from the senators.

That part of the funding award comes from the USDA’s tactical sciences coordination network program.

Cornell will also more than $474,000 to develop a data-analytics platform to classify different species of salmonella. This program focuses on technology to detect allergens, infections, and contaminants in food to improve the safety of food processing, manufacturing, and packaging.

The more than $474,000 originates from the USDA’s food safety and defense program.

“Amidst the pandemonium of the pandemic, Cornell University is conducting vital research that will improve food access and give New Yorkers the peace of mind that the food on their tables is safe to eat,” Schumer said. “The pandemic has exposed deep inequalities in food security and safety across the state, and today’s federal funding is an investment into long-term, innovative solutions to address those issues.” ν

Cazenovia College to offer more merit aid for freshman students

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CAZENOVIA, N.Y. — Cazenovia College says it has raised the amount of merit-aid funds available to 2021-22 incoming freshmen for a second time amid the financial difficulties caused by the coronavirus pandemic. The initiative increases the base level of merit aid available to accepted freshmen by an additional $4,000 annually, boosting the lowest level of

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The initiative increases the base level of merit aid available to accepted freshmen by an additional $4,000 annually, boosting the lowest level of merit-aid scholarships from $18,000 to $22,000 annually for four years.

The top level of annual merit aid remains at $31,000 per year for all four years. The college made that initial increase in merit aid back in October, when it also froze tuition and room and board costs and fees for the 2021-22 academic year.

Cazenovia College said the moves are aimed at “recognizing that protracted COVID-19 conditions continue to strain families economically” and that it is “furthering its commitment to affordability.”

“As we begin 2021 and COVID-19 hasn’t let up, we know that many families are still experiencing economic hardships,” Ron Chesbrough, president of Cazenovia College, said in a Jan. 14 news release. “We understand that impact as well as families’ concerns about college affordability. Consequently, we are redoubling our efforts to maintain the ‘Cazenovia Commitment,’ our vow that a Cazenovia education is accessible to all admitted students who desire it.”

Kristen Bowers, associate dean of admissions at Cazenovia College, said that many families have told the college about their worries about affordability and whether their children would even be able to start college in the fall of 2021. “This additional step is another way we are able to help them…” she said.

The levels of financial aid that Cazenovia College offers for accepted students for 2021-22, based on their high-school cumulative grade point averages (GPA) are as follows. The President’s Scholarship, which is $31,000 annually, is offered for cumulative GPAs of 4.0 or higher. In addition, the school offers a Trustee Scholarship, which is $28,000 annually, for a 3.7 GPA or higher; a Founder’s Scholarship, which is $26,000 annually, for a 2.85 GPA or higher; a Dean’s Scholarship, which is $24,000 annually, for a 2.25 GPA or higher; and a Futures Scholarship, which is $22,000 annually, for a 2.0 GPA or higher.

The scholarships are awarded each year for all four years of a student’s education as long as “satisfactory academic progress” is made towards a degree. They are offered regardless of family income or state of residency, Cazenovia College said.

The current costs to attend Cazenovia College include $36,668 in tuition and fees, $8,206 (room), and $6,528 (board), per the school’s website. That’s before scholarships and other financial aid.

Utica College offers students cryptocurrency- crimes training

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UTICA, N.Y. — Utica College is providing its students training in financial crimes and money-laundering investigations through a partnership with Menlo Park, California–based CipherTrace, a cryptocurrency-intelligence company. Through the college’s partnership, undergraduate and graduate students had the opportunity to enroll in an eight-hour training course to become a CipherTrace certified examiner (CTCE), an industry-recognized designation.

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Through the college’s partnership, undergraduate and graduate students had the opportunity to enroll in an eight-hour training course to become a CipherTrace certified examiner (CTCE), an industry-recognized designation.

Utica College is “only the second” U.S. college or university invited to participate in CipherTrace Defenders League, a program that trains cryptocurrency analysts from colleges and universities around the world to trace funds lost through cryptocurrency fraud and theft, the college said in a news release.

“Once students have completed the training, they were able to work on a live, actual CipherTrace case to locate cryptocurrency assets that may have been stolen. CipherTrace receives many requests from individual victims of scams and other fraudulent activity to try to recover the funds,” Stephanie Nesbitt, dean of Utica College’s School of Business and Justice Studies, said. “The students, once certified, are responsible for completing their investigations, supervised and verified by CipherTrace, and writing the case report.”

She continued, “Our first student to complete the training and pass the certification exam was a female graduate cyber student. This is notable given that cyber and financial crime professions and academic programs remain predominantly male.”

Pamela Clegg, director of financial investigations and education at CipherTrace, said the firm chose to work with Utica College because of the college’s reputation for having “an outstanding financial crime studies program.” She added, “The school is renowned for providing anti-money laundering and financial crime talent to the world’s financial capital, New York City, and look forward to incorporating students from Utica’s cybersecurity program, as well.”

Suzanne Lynch, professor of practice in economic crime, arranged for two CipherTrace sessions at the college this past fall, as well as a series of dedicated two- and three-hour training sessions. So far, more than 70 cybersecurity and economic crime-students have completed the training, Lynch said.

Lynch has “extensive” experience in risk analysis, fraud-control implementation, and investigations in the financial services industry. Formerly VP for security and risk management at MasterCard Worldwide, she has held fraud-management positions at Goldman Sachs (NYSE: GS) and Comerica Bank. At MasterCard, one of her many responsibilities included conducting fraud-operations reviews on banks to determine the levels of existing fraud controls, global fraud investigations, and third-party processing system-risk controls.

The college’s fraud and financial-crime investigation program, formerly known as economic crime, “was the first of its kind in the country,” Utica College noted.

Leadership Greater Syracuse names OCC dean to board of directors

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DeWITT, N.Y. — Leadership Greater Syracuse (LGS), a nonprofit that offers a yearlong civic-leadership training program, recently announced it has added Scott Schuhert, dean of students at Onondaga Community College (OCC), to its board of directors. Schuhert recently relocated to Central New York for his position at OCC after previously having served as associate VP

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Cree awards scholarships to SUNY Poly students

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MARCY, N.Y. — Cree, Inc. (NASDAQ: CREE) has awarded 11 students at SUNY Polytechnic Institute (SUNY Poly) education funding as part of the newly established, merit-based “Cree/Wolfspeed Scholarship” program. The first group of recipients shared a total of $46,000. The commitment from Cree is part of a $2 million scholarship program over 10 years. Scholarship

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The first group of recipients shared a total of $46,000. The commitment from Cree is part of a $2 million scholarship program over 10 years.

Scholarship recipients must be interested in pursuing a position in the semiconductor industry upon graduation, Cree says. They must be “committed to working hard,” willing to collaborate, have a passion for innovation, and “reflect the Cree values of integrity and respect, ownership and accountability, and ingenuity and passion.”

The scholarships seek to benefit students who come from “historically underserved or marginalized communities, as well as those with significant financial need…. [and] help pave the way toward successful careers in tomorrow’s high-tech workforce,” per a Jan. 22 news release.

The students must be enrolled in certain SUNY Poly academic programs. They include computer-engineering technology, electrical and computer engineering, electrical-engineering technology, mechanical engineering, mechanical-engineering technology, nanoscale engineering, and network and computer security.

As part of the scholarship, the recipients — first-year and sophomore students — may be offered paid internships and will be assigned a Cree/Wolfspeed mentor. They’ll also be able to attend the annual SUNY Poly and Cree/Wolfspeed scholarship mixer.

The initiative also follows the recent announcement of the Dr. John Edmond and Dr. John Palmour SUNY Polytechnic Institute endowed faculty chairs. The five-year, $1.5 million funding underpins the “continued expansion” of science, technology, engineering, and mathematics (STEM) opportunities for students at SUNY Poly, the university says.

“We want to congratulate and welcome the inaugural recipients of the Cree/Wolfspeed Scholarship program,” John Palmour, chief technology officer at Cree/Wolfspeed, said. “Cree is committed to providing students in our communities with the opportunity to excel through STEM education initiatives, and it is an honor to help support these students as they continue their educational journeys connected to rewarding careers in STEM and as we work to train tomorrow’s high-tech workforce.”

Durham, North Carolina–based Cree is developing the world’s largest silicon-carbide fabrication facility in Marcy, referred to as the Mohawk Valley Fab. It will be 200mm capable and the firm has committed to creating more than 600 new jobs within eight years along with providing internships for SUNY students.

Cree also notes that eight SUNY Poly students recently participated in internships with the company. ν

Genius NY director maps out 2021 program as application period remains open

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SYRACUSE, N.Y. — The Genius NY program continues accepting applications for its fifth round through the end of March. As of Feb. 2nd, 50 firms have applied to participate, says Jeff Fuchsberg, director of Genius NY. “Applications have grown every year. Last year, we were a little bit over 400. I expect the turnout to

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SYRACUSE, N.Y. — The Genius NY program continues accepting applications for its fifth round through the end of March.

As of Feb. 2nd, 50 firms have applied to participate, says Jeff Fuchsberg, director of Genius NY.

“Applications have grown every year. Last year, we were a little bit over 400. I expect the turnout to be even higher this year,” he adds.

The applications have come from firms in New York, across the U.S., and internationally as well. Fuchsberg says he’s also had informational calls with startups from various countries during the first month of the application period.

Genius NY stands for Growing ENtrepreneurs & Innovators in UpState New York. Empire State Development (ESD) describes Genius NY as “the world’s largest” business accelerator competition focused on unmanned systems.

Tech startups focused on unmanned systems, internet of things (IoT), big data, and robotics can apply. Subsets may include precision and remote sensing, data collection and analytics, guidance or communication systems, and sensors, “among other technological categories.”

“Genius NY’s fifth round will continue to grow the Unmanned Aerial Systems [UAS] industry in Central New York,” Eric Gertler, acting commissioner and president & CEO-designate of Empire State Development, said in a Jan. 5 news release. “This unique business accelerator competition is drawing forward-thinking entrepreneurial ideas and innovators to the region, as well as top companies ready to take advantage of the area’s unmatched UAS assets and infrastructure.”

Narrowing the field

Fuchsberg explains that judging for Genius NY happens in two rounds beginning in April. The first round focuses on all the firms that apply, which includes an external panel of 45 people who review the applications. Eventually, those judging will narrow the field down to a group of 20.

“It takes about two weeks to do background checks before we go ahead and announce who the semifinalists are,” says Fuchsberg. “So, we would be looking at a semifinalist announcement on May 4 … our target date at the moment.”

Fuchsberg also notes that those involved in narrowing down the application field will be very busy during April.

Once the 20 semifinalists are chosen, Genius NY executive advisors will work to determine the five finalists. The process involves another round of applications, a video submission, and a video call with the judges.

“It takes about two weeks from that point to go from 20 to who the five finalists are, so we’ll be looking at an announcement on about May 19,” says Fuchsberg.

After the finalists are named, representatives from each firm will move into the Tech Garden in late May as Genius NY is planning for an in-person program this year.

“Every team must have two people in place in Central New York for the duration of the program year,” he adds.

The application process for the teams involved includes their plans for hiring in Central New York, which will be part of how they’re evaluated. Genius NY will also hold the teams to their hiring goals in order to claim their prize money, according to Fuchsberg.

The program will invest $3 million in the five finalist companies, including a grand prize of $1 million.

Genius NY is funded through the CNY Rising Upstate Revitalization Initiative, the region’s economic-development blueprint. The program also offers company stipends, resources, programming, and networking opportunities to assist innovative startups with the tools they need to take advantage of emerging opportunities.

Geopipe of New York City was named as the round four winner of the Genius NY $1 million grand prize in September 2020. Other round four winners that are now operating in Central New York include BotsAndUs from the United Kingdom; Droneseed from Seattle, Washington; Skyy Network from Australia; and Eget Liber of Syracuse.

What channel is the Syracuse basketball game on at Clemson?

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CLEMSON, S.C. — Syracuse basketball (10-5, 4-4 ACC) seeks a second straight win when the Orange visit the Clemson Tigers (11-5, 5-5 ACC) on Saturday

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